Panoramic Resources - PAN [was Sally Malay]

[Dazza]

Cash Costs (A$/lb) 8.07 (4Q06) 14.18 (3Q07) 14.73 (4Q07)

from huntleys which is higher than my sources, i think i had aorund AUD10-12/lb cost

[tricha]

Sorry Dazza - look for the cash costs per ilb at mine gate, u have got your wires crossed, remember the likes of Mincor give BHP around 33 % of all their nickel produced,for smelter charges.

I guess SMY do it for Lanfranchi

Cash on hand at the end of the quarter was $120 million and receivables relating to concentrate sales amounted to
$21 million,
giving a total of $141 million in short term liquid assets at the end of the quarter.

Financial Statistics

Table 2 – Sally Malay Project Financial Statistics
Area Units 3 months ending
30 June 2007
3 months ending
31 Mar 2007
2006/07
Full Year
Nickel Produced lbs 4,299,670 3,990,759 17,660,064
Mining Costs A$ per lb 2.03
Milling Costs A$ per lb 0.93
Concentrate Haulage A$ per lb 0.18
Administration A$ per lb 0.72
Less Capitalised Site Costs A$ per lb (0.66)
Total Cash Cost at Mine Gate A$ per lb 3.20

NP tricha

but with all due respect, we have gone over the production costs of various Ni Producers, and SMY is one of the most expensive.

That is the reason why i have sold it for the likes of IGO and JBM instead.

So stop harping out that it is a low cost producer, face the facts it is not.

I have posted the costs of the producers when you had asked me for it in the nickel thread.

Regards

[tricha]

Cash and receivable increase to over

$140M

Forgot to mention on top of paying of debt.

!

All senior bank debt and Jinchuan subordinated debt repaid in full and ahead of schedule

Also forgot to mention all this hedging

Currency - total US$98.9 million US$0.7512

Anyway u look at it, its out there and even the dickhead brokers agree on this one.

[stolwyk]

http://sa.iguana2.com/cache/ba2a482a...SMY-374357.pdf

[Dazza]

u are quite rite tricha

SMY does say around $3

However looking back at all broker reports and coverage, they state actual cash costs around the $7 per pound mark.

MCR - yes they are up there round $7/lb

only IGO/JGM cash costs are under $5

im hacked off for selling SMY at 3.62 as i thought their accounts announcement was out in late september, not in august!

Im just bunkering up the portfolio with a bit of cash... in case of impending falls in the market.

I should have got the paterson review from monday earlier, they said that SMY would report this week and with a 12c divi bugger

oh well

Im bullish on NIckel, and i believe all Nickel stocks will do well!

[tricha]

Sally Malay has been the quiet achiever and under the radar.

We can't win them all Dazza.

Records galore for Sally Malay
(Thursday, 30 August 2007)


IT HAS been a record past 12 months for nickel miner Sally Malay Mining which reported a 454% boost to its net profit after tax and looks forward to increased production of contained nickel to over 20,000 tonnes this financial year.

[tricha]

Sally Malay Mining Limited

•

SMY will report its FY results next Wednesday 29th August.

•

$94M FY07 NPAT: Having produced 11,898t of contained nickel for the year we
believe SMY.s FY07 NPAT will come in at $94M. A weaker nickel price since
June 30 and stronger A$ have taken some shine off the result.

•

Debt free: Except for $13M in equipment leasing SMY is debt free.

•

12c dividend: We believe SMY will declare a maiden dividend of 12cps with
next weeks FY result keeping it inline with its fellow Kambalda operators (IGO
and MCR).

•

SMY trading at a 22% discount to our $4.71/sh price target: Having updated
our nickel price and production forecast our price target has dropped slightly to
$4.71/sh.

Lanfranchi JV site visit

•

Following our site visit to Lanfranchi at Diggers we are forecasting 14,100t of
contained nickel for SMY in FY08. With production at Sally Malay operations
steady around 8,000tpa growth is being driven by Lanfranchi which should see a
57% increase in production yoy to 6,100t.

Upcoming exploration

•

Lanfranchi JV: Drill testing of extensions to all underground orebodies,
including Deacon is underway and we eagerly await results from the more
speculative testing of the overturned contact of the northern tramways dome.

•

Sally Malay: Having recently added 1 year mine life above the 500 fault drilling
of the Sally Malay Deeps has the potential to add significantly to the operation.s
life. It gets underway later in the year. A real value driver for SMY remains fully
utilising the extra +200ktpa capacity of the 100% owned Sally Malay plant.

[stolwyk]

http://sa.iguana2.com/cache/f3141498...SMY-374401.pdf

[Huang Chung]

I followed your lead Tricha and bought a few SMY today.

Been a big week buying COA, SMYand more PDZ. Probably now exceeded my borrowing limit, but I'll worry about that next week.

[tricha]

I followed your lead Tricha and bought a few SMY today.

Been a big week buying COA, SMYand more PDZ. Probably now exceeded my borrowing limit, but I'll worry about that next week.

Good one Huang, obviously you must have done some homework, what is your view on them ???

Its amazing how we can fall in love with a company and let something as good as Sally Malay slip under the radar.